PAC Demands Transparency: Emyooga Funds Recipients List

Posted by: lukwago J in Uganda news June 18, 2024

In a bid to ensure transparency and accountability, the parliamentary Public Accounts Committee ( PAC ) has directed officials from the Microfinance Support Centre to compile a comprehensive list unveiling the recipients of Emyooga funds for the 2022/23 fiscal year.

The PAC has further requested specific details on the loan amounts disbursed and recovered, following revelations by the Auditor General that over 70 percent of loans issued by the agency remain outstanding

During the committee session, frustration grew as the agency failed to meet the MPs’ information requirements due to incomplete documentation.

Chairperson Muwanga Kivumbi emphasized the need for records detailing the borrowers, the timing of the loans, and the loan amounts. Kivumbi clarified that the audit focused on the financial year, with additional figures requested for trend analysis.

The committee aimed to assess the utilization of the allocated Shs135 billion for lending and demanded a comprehensive list of beneficiaries to determine where the funds were distributed.

Unveiling the shadows

MP Susan Amero raised concerns about discrepancies in SACCO data, particularly regarding ambiguous listings of districts like Gulu and Lira.

Amero questioned why the agency provided cumulative data instead of isolating the specific financial year in question, suggesting a potential diversionary tactic.

John Mwebembezi, the head of finance at the Microfinance Support Centre, assured the committee that a detailed beneficiary list would be furnished as requested.

Mwebembezi acknowledged that the MPs required additional information to fully understand the portfolio and acknowledged the agency’s commitment to providing the required data.

MP Xavier Kyooma sought clarity on outstanding balances, specifically distinguishing between the principal and accrued penalties. This differentiation is crucial for assessing the agency’s financial health and addressing concerns raised by the Auditor General regarding non-performing loans.

The microfinance support centre officials are expected to appear before the committee on Friday at 9 am, armed with the complete beneficiary lists, information on defaulters, and financial statements of the entity.

The committee eagerly awaits these documents to gain a comprehensive understanding of the Emyooga funds’ utilization and loan performance.

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